Joe Biden, the US president-elect, formally introduced his top economic advisers on Tuesday, as his incoming administration prepares to deal with the worst financial crisis in decades and a resurgent coronavirus pandemic.
Related: Bipartisan group pitches $908bn Covid-19 relief to break deadlock in Congress
Continue reading...Markets respond as manufacturing in China and South Korea grows at fastest pace in a decade
Hopes that the world will bounce back from the ravages of coronavirus in the new year have been buoyed by strong growth in output from Asia’s huge manufacturing centres, led by an accelerating post-pandemic boom in China.
China’s factory activity expanded at the fastest pace in a decade in November, a closely watched survey showed on Tuesday, in the latest sign that the world’s second-largest economy is recovering to pre-pandemic levels.
Continue reading...Despite good vaccine news and price rises, the cartel could still meet a few bumps in the road – some of them of its own making
When oil ministers from the world’s largest fossil-fuel nations meet via webcam this week to make decisions about the global oil market in 2021, they could be forgiven for indulging in a little early festive cheer.
Oil prices have more than doubled since tumbling below $20 a barrel and hitting 21-year lows during “black April” – when Covid restrictions brought major economies to their knees, and caused what is thought to have been the worst month in the history of the oil industry.
Continue reading...The Illinois-born entrepreneur, who helped revitalize downtown Las Vegas, died ‘peacefully’ after being injured in a house fire
Tony Hsieh, the “visionary” developer of online shoe retailer Zappos who spearheaded the transformation of downtown Las Vegas in recent years, has died at the age of 46.
According to his lawyer Puoy Premsrirut, Hsieh was injured in a house fire in Connecticut while visiting relatives over Thanksgiving. He died on Friday “peacefully and surrounded by family”, according to a statement from DTP Companies, the organization he founded in 2012 as an umbrella for the revitalization program.
Continue reading...Janet Yellen will likely be the US’s first female treasury secretary – but as Covid shutdowns loom, she will have to win Republican votes for any major initiatives
Teresa Marez has never heard of Janet Yellen, likely to be the next treasury secretary of the United States. But she and millions of other Americans have a lot riding on the decisions Yellen will make if and when she is confirmed next year.
The coronavirus has upended Marez’s life. Her savings are almost exhausted and she is worried about her unemployment benefits, which run out next week. “It’s so hard. It’s just such a mess,” said the mother of two in San Antonio, Texas. “We just need Congress to make a decision,” Marez said. “As long as they are in limbo, we are in limbo.”
Continue reading...British tourists, chalet owners and resort staff wait for winter season decisions across Europe
British holidaymakers, chalet owners and resort staff are in limbo as countries across Europe decide whether or not this winter’s ski season will go ahead.
This week, Britain’s biggest ski operator Crystal Ski Holidays was forced to cancel all its French ski trips in December after President Macron ordered the nation’s resorts to stay shut until the new year.
Continue reading...Latest tragedy follows string of disasters as Covid worsens poverty and sparks rush to work abandoned shafts in gold-rich country
Dozens are feared dead and others still trapped underground after an abandoned goldmine collapsed in Zimbabwe.
Six men have so far emerged alive from the mine at Bindura, about 70km north of the capital Harare after the disaster on Wednesday. According to officials, nearly 30 miners remain unaccounted for.
Continue reading...Opposition party’s ‘disgusting’ offal protest prompts scuffle in Taipei legislative yuan
Parliamentarians in Taiwan have thrown pig guts at each other before coming to blows over plans to allow US meat imports.
Members of the opposition Chinese nationalist party (KMT) brought the offal to the legislative yuan on Friday in the latest of daily protests during parliamentary sittings.
Continue reading...Oxford/AstraZeneca planning new trial of lower-dose jab to see how well it works in older people
Concerns around the efficacy of the Oxford University/AstraZeneca coronavirus jab in older people could lead to different age groups being given different vaccines, experts have said.
The partners announced last week that the vaccine had a 70% efficacy overall. For most trial participants – given two full doses, spaced a month apart – the efficacy was 62%, but for 3,000 participants mistakenly given half a dose for their first jab, the efficacy was 90%. No participants, regardless of dosing, developed severe Covid or were hospitalised with the disease.
Continue reading...In Chichigalpa, kidney failure accounts for half of all male deaths over the last decade. Could industry changes be the key to saving lives?
For decades, a mystery epidemic has plagued young male labourers toiling in Nicaragua’s sugar cane plantations. The men start their work fit and strong, but after repeated harvests chopping cane under the tropical sun, they begin to suffer from nausea, back pain and exhaustion, get such severe muscle weakness that they can no longer earn a living, then end up dying of kidney failure, despite many being only in their 20s and 30s.
In Chichigalpa, the centre of Nicaragua’s sugar cane industry, the mysterious illness accounts for half of all male deaths over the last decade. Just outside this “town of city and rum”, as it is known, one rural community has earned itself the moniker “La Isla de Viudas” – the Island of Widows.
Continue reading...Passengers will have to test negative for coronavirus three times, says US airline
The US airline Delta has announced the first “quarantine-free” transatlantic flights, with pre-departure Covid testing enabling passengers to escape 14 days’ isolation on arrival in Italy.
The trial flights will start next month between Atlanta and Rome, the first of the type of transatlantic corridor that UK airlines have been seeking to establish to open up travel on their most lucrative routes.
Continue reading...Like the state, fishers for crustaceans are politically split but all crave stability: ‘Chaos is the enemy of the lobster industry’
This may be the week when most Americans are gobbling turkey at Thanksgiving, but Maine’s lobstermen and women are looking ahead to 2021 and figure they might get on a roll with Joe Biden.
Donald Trump positioned himself as a friend of New England’s lobster industry, campaigning hard in Maine, and even had lobsterman Jason Joyce speak at the Republican national convention.
Continue reading...Results from clinical trials have shown that the world has three apparently highly effective vaccines for Covid-19. With the race now on for regulatory approval, production and distribution, is the end of the pandemic within reach?
After a gruelling year of successive waves of Covid-19 infections and national lockdowns there has been a burst of good news this month, with three separate vaccine candidates performing extremely well in clinical trials.
First, Pfizer and Moderna announced that their vaccines were testing at an efficacy of around 95%. Then came the news that the AstraZeneca vaccine (the one pre-ordered in bulk by the UK government) was hitting 90%. It marks not just a new phase in the Covid-19 pandemic but potentially a revolution in vaccine technology itself.
Continue reading...The Dow Jones Industrial Average has topped the 30,000 mark for the first time as financial markets around the world rally amid hopes for a coronavirus vaccine and smooth transition to a Joe Biden presidency.
The landmark for the Wall Street market comes as investors bet rapid medical advances will bring the Covid outbreak to an earlier end than feared, paving the way for a swift economic rebound next year as business activity returns closer to normal and tough government restrictions are relaxed.
Continue reading...Andrew Bailey said failure to agree to deal would cause long-term damage to UK economy
The governor of the Bank of England, Andrew Bailey, has warned that the economic cost of a no-deal Brexit would be bigger in the long term than the damage caused by Covid-19.
Bailey said failure to agree to a deal before the Brexit transition expires at the end of December would cause disruption to cross-border trade and damage the goodwill between London and Brussels needed to build a future economic partnership.
Continue reading...NatWest denies accusation made by Bill Browder in thinktank report into practice of ruining reputations
A longstanding critic of Kremlin corruption has accused NatWest of closing his bank account in the UK because it had been influenced by an intense and pervasive “black PR” campaign mounted against him by Russian actors in their home country.
“Black PR” is a term referring to a series of connected practices used by Russian state and non-state actors seeking to discredit individuals as part of political or business disputes, and can involve trying to create or obtain kompromat (compromising material) or generating fake media reports.
Continue reading...The team behind the feted restaurant found Danes queued around the block for their pandemic pop-up
It is one of the best restaurants in the world, known for its 18-course tasting menus costing north of £300 per person and for spawning a culinary movement based on foraging for ingredients.
Now the two Michelin-starred Copenhagen restaurant Noma, run by feted chef René Redzepi, is preparing to open the doors of a new venture: a burger-and-chips joint.
Continue reading...The Coalition is likely to scrap any further increases to the compulsory superannuation contribution
It’s more than 600 pages and doesn’t make any recommendations. Yet, the retirement income review will inform future government policy decisions, provide cover for the government to ditch the superannuation guarantee increase and sets out what retirement could look like for today’s workforce. So what do you need to know?
Continue reading...Retirement income review to emphasise Australians using ‘voluntary savings’, saying a lift in compulsory super rate would hurt wages growth
The Morrison government is laying the groundwork to scrap the already legislated increase to the superannuation guarantee, declaring the retirement income review has found current policy settings are suitable.
A summation of the retirement income review distributed by treasurer Josh Frydenberg’s office ahead of the report’s official release on Friday put greater emphasis on Australians using “voluntary savings”, including equity within their homes, ahead of raising compulsory superannuation contributions.
Continue reading...Low-cost airline to continue reduced flight schedule and shares will still be traded in Oslo
Low-cost airline Norwegian Air has filed for bankruptcy protection in Ireland, becoming the biggest casualty of the coronavirus pandemic in the aviation sector to date.
The troubled carrier has asked an Irish court to carry out a process of examinership. This should protect the group’s assets while it tries to slash debt levels and find new funding as part of a restructuring. It is expected to take as long as five months.
Continue reading...